Ola Electric’s board has approved a proposal to raise up to ₹1,500 crore through the issuance of equity shares and/or securities convertible into or exchangeable for equity shares, as the electric two-wheeler maker looks to strengthen its financial resources.
The enabling resolution, approved by the Board of Directors, provides for raising the funds through one or more permitted routes, including qualified institutions placement (QIP), private placement or any other permissible mode or a combination of such modes, subject to shareholder and regulatory approvals.
The proposed fundraise could include equity shares, fully or partly convertible debentures, warrants and other securities convertible into or exchangeable for equity shares, in accordance with applicable laws.
The company said the proposed issue will be subject to the approval of shareholders and other regulatory and statutory authorities, wherever applicable.
The move comes as Ola Electric continues to expand its presence in India’s electric mobility market and build its manufacturing and technology capabilities.
Board approves independent director reappointments
The board also approved the reappointment of Shradha Sharma as Non-Executive Independent Director for a second five-year term.
Her new term will commence on December 6, 2026 and continue until December 5, 2031.
The board also approved the reappointment of Manoj Kumar Kohli as Non-Executive Independent Director for a second term of five years, covering the period from December 6, 2026 to December 5, 2031.
Both reappointments were considered and approved based on the recommendations of the company’s Nomination and Remuneration Committee.
COO Hyun Shik Park resigns
Meanwhile, the board took note of the resignation of Hyun Shik Park as Chief Operations Officer and Senior Management Personnel of Ola Electric, with immediate effect.
The board’s decisions come at a time when Ola Electric is seeking to sharpen its focus on growth, product development and operational execution in the rapidly expanding electric mobility market.